Cairo – Mubasher: The extraordinary general meeting (EGM) of the National Bank of Kuwait-Egypt (NBK-Egypt) approved a capital raise of EGP 3.5 billion by issuing 2.3 bonus shares for every share held.

The bank’s issued capital will be increased to EGP 5 billion from EGP 1.5 billion through the issuance of 350 million shares at a nominal value of EGP 10 apiece to be funded from the retained earnings for the year ended 31 December 2020, according to a bourse disclosure on Wednesday.

The shareholders also approved increasing the authorised capital to EGP 10 billion from EGP 2.5 billion.

During 2020, NBK Egypt achieved net profits of EGP 1.44 billion, down from EGP 2.16 billion in 2019.